ETH, BTC, BNB

💥 While macro analysts were still painting grand visions of a "super liquidity cycle" on stage at an industry conference in Dubai, the market audience below had already started telling its own story.

Recently, Raoul Pal's prediction of a 2026 "super cycle" has been spreading widely—he thinks we're merely in a mid-cycle pause of the bull market, and that the real upward surge hasn't arrived yet. Sounds nice, right?

But I'm more concerned about three things happening outside the venue, which might be closer to the truth:

**First, old money and new money are arguing**

CZ and gold maximalist Peter Schiff just finished a spat. CZ's logic is pretty simple: if hundreds of millions of people are using something, it has value, and doesn't need theoretical proof. Interestingly, they even ended up discussing possible cooperation—old and new asset worlds are testing each other, looking for ways to coexist.

**Second, leverage is piling up alarmingly**

The data speaks for itself: there are over $1.3 billion in long and short positions stacked around ETH’s current price. Even a casual 5% swing could trigger a cascade of liquidations. This isn’t bull market confidence—it's walking a tightrope. No wonder Pal himself warns against using excessive leverage.

**Third, security incidents + emotional bottom**

PEPE’s official website got hacked, serving as a wake-up call for everyone. Even more telling, I’ve seen some VCs start using "price-to-sales ratio" to value store-of-value assets—this kind of cold-blooded rationality usually shows up when market sentiment is at its iciest. Historically, that often signals a reversal.

Looking at these three levels together:

The top level is painting a grand narrative
The middle is debating fundamental value
The bottom is dealing with hacks, liquidations, and panic

This is what a real bull market looks like. It never comes smoothly; it always builds its foundations quietly amid disagreements, noise, and repeated stress tests.

So here's the question: do you think this is a "pullback building momentum," or a more complex turning point?

Share your thoughts in the comments 👇